Cramer said ECB President Jean-Claude Trichet should be taking "any means necessary" to ease market volatility. Instead, Trichet's failure to act has only exacerbated global economic worries, and the fears have spread to US markets.

Trichet could help the markets through "gigantic quantitative easing," Cramer said, something on par with what Federal Reserve Chairman Ben Bernanke did here in the States. Cramer thinks cheap money made available to Europeans would lessen the pressure that will inevitably come from the Continent’s new austerity measures.

In the meantime, Cramer is looking for high-yielding companies. He likes stocks that were yielding 4%, but are now at 6%. Those include Progress Energy , Pepco , Exelon , IBM and Vodafone .

"I saw AT&T and Verizon go down all the time and I wanted a high-yielding telecom,” Cramer said. “So Vodafone it is."